The Sensex today is up by around 177 points (0.9%), while the NSE-Nifty is up by around 51 points (0.9%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.6% and 0.7% respectively. The rupee is trading at Rs 60.75 to the US dollar.
Private bank stocks have opened the day on a strong note with Dhanlaxmi Bank, Yes Bank and IndusInd Bank leading the pack of gainers. India's leading private sector lender ICICI Bank has announced its first quarter results for the financial year 2013-14 (1QFY14). During the quarter, the bank reported standalone interest income of Rs 104,206.8 m, higher by 9.2% year-on-year (YoY). Other income increased by 32.2% YoY to Rs 24,842.9 m. It must be noted that a major reason for the significant rise in other was other income of Rs 4,032.9 m from treasury operations during 1QFY14 as against a loss of Rs 210.8 m during the corresponding quarter of the previous financial year (1QFY13). Interest expended during the quarter increased by 3.9% YoY to Rs 66,002.1 m. Operating profits before provisions and contingencies increased by 29.3% YoY. At the bottomline level, standalone net profits increased by 25.3% YoY. Net interest margins expanded from 3.01% in 1QFY13 to 3.27% in 1QFY14.
Paints stocks have opened the day on a mixed note with Kansai Nerolac Paints and Asahi Songwon trading firm. However, Asian Paints and Akzo Nobel are trading weak. Kansai Nerolac Paints has announced its first quarter results for the financial year 2013-14 (1QFY14). During the quarter, the company's net sales stood at Rs 7,898.0 m, higher by 9.6% YoY. Operating profits increased by 4.6% YoY to Rs 1,014.0 m during the quarter. Operating profit margins declined from 13.4% in 1QFY13 to 12.8% in 1QFY14. Other income declined by 44.8% YoY. At the bottomline level, net profits declined by 3.8% YoY. Net profit margins declined from 8.8% in 1QFY13 to 7.7% in 1QFY14.